USDJPY continues to move sideways between 96.56 and 99.67. The price action in this range is treated as consolidation of the medium term uptrend from 87.12 (Jan 21 low). As long as 96.56 support holds, we’d expect the uptrend to resume, and one more rise towards 102.00 is still possible after consolidation. However, below 96.56 will indicate that the rise from 87.12 has completed at 99.67, and then the following downtrend will take price to 93.00 zone.
